PM: Armenia successful in combating money laundering

Prime Minister of Armenia Tigran Sargsyan received a delegation of Egmont Group Financial Intelligence Units headed by Chair Boudewijn Verhelst, according to the governmental press service.

The sitting of Egmont Group is held in Yerevan from July 11-15 aimed to discuss cooperation activity between Financial Intelligence Units against money laundering and terror financing.

The sitting hosts about 290 delegates from 102 country-members of Financial Intelligence Units as well as such international structures as IMF, WB and FATF.

“Armenia’s authorities always rendered special attention to money laundering problems, and from this point of view the country’s rating has always been high,” the Prime Minister said noting that the Center of financial monitoring of the Central Bank of Armenia presently meets top international criteria.

“Exchange of experience at international and regional levels will boost efficiency of Financial Intelligence Units activity,” said Sargsyan.

For his part, Verhelst presented directions of Egmont Group activity. He touched upon issues discussed at the plenary meeting of the group, particularly, challenges, perspectives of unified international cooperation network creation for the fight against money laundering and terror financing, as well as information exchange.

Egmont Group was established in 1995, at the initiative of Financial Intelligence Units of Belgium and the United States. 120 country-members of Financial Intelligence Units are involved in the group presently. The Center of financial monitoring of the Central Bank of Armenia obtained a status of full member of Egmont Group on May 29, 2007.

The main objective of the group is to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and financing of terrorism and to foster the implementation of domestic programs in this field.

Source: PanArmenian

EFCC: Nigeria Not Suspended from Egmont Group

Economic and Financial Crimes Commission (EFCC) has debunked a media report suggesting that the Nigeria Financial Intelligence Unit, NFIU had been suspended from the Egmont Group.

A statement digned by EFCC's Head of Media and Publicity, Mr. Femi Babafemi, said that the report is misleading and embedded in falsehood, adding that Nigeria has not been suspended from the Egmont group.

The statement said further: "What might have been misinterpreted, albeit mischievously, by the reporter is a routine development in Financial Intelligence Units, (FIUs) across the world whenever there is a change of leadership at the FIU.

In the case of Nigeria Financial Intelligence Unit, (NFIU), the Unit was not suspended from the membership of Egmont Group.
Instead a precautionary step was taken to deny the former Head of the NFIU access to the anti-money laundering site while the new boss of the NFIU completes his documentation with the global body.

It should be noted that the site is a secured one where sensitive information on on-going investigations is made available to the NFIU and as such cannot be left unprotected.

The Egmont Group is a global body whose relationship with member countries is institution based and not built around individuals.

In the last one year, at least four countries which had faced a similar transition had also experienced the same development. This misleading report further underscores the need for the media to always crosscheck and confirm information especially on technical issues like this before going to press.

Source: This Day Online

Macau joins international effort on money laundering

Macau's Financial Intelligence Office (GIF) was officially admitted as a member of the Egmont Group (EG) at the group's plenary meeting in Qatar, Doha.

According to a statement, this move reflects “the commitment and responsibility of Macau in the fight against money laundering and financing of terrorism (AML/CFT).

The EG was established in Brussels, Belgium in June 1995, as an informal international gathering for financial intelligence units (FIUs) worldwide to foster better communication amongst each other. The Secretariat is located in Toronto, Canada and up to 2008, there were a total of 108 FIUs from different jurisdictions that had joined up.

The objective of the EG is to provide a forum for FIUs around the world to improve co-operation in the fight against money laundering and terrorism financing, and to foster the implementation of domestic programs in this field. This support mainly includes expanding and systematizing international co-operation in the reciprocal exchange of information, as well as offering training to improve FIU personnel's expertise and capabilities, and promote the establishment of FIUs with other jurisdictions.

As a member of the EG, GIF is not only fostering co-operation with other jurisdictions, but also getting updated cross-border typologies information to further strengthen the efforts to fight money laundering and terrorism financing.

Source: Macau Daily Times

Macedonia signs agreements on money laundry prevention with Turkey and UAE

Macedonia's Administration for Money Laundering Prevention and Terrorism Financing (USPPFT) signed memo of cooperation with the financial intelligence units (FIUs) of Turkey and United Arab Emirates at sidelines of the Egmont Group annual session, being held past week in Doha, Qatar.

A delegation of Macedonia's Administration for Money Laundering Prevention and Terrorism Financing, led by Director Vane Cvetanov, also held talks with the FIUs of Britain, Portugal and Nigeria, focused on signing cooperation memos in the near future.

Thus far USPPFT has signed cooperation agreements with 26 countries.

Source: Mina